SINGAPORE- Singapore has come out tops in a new ranking that rates how prepared countries are in meeting challenges posed by technology.
The study developed by credit card company MasterCard and The Fletcher School at Tufts University in the United States ranks Singapore first among 50 countries, beating heavy weights such as Britain and Switzerland.
The study rates countries according to a "Digital Evolution Index". It makes conclusion by studying four factors: how technology and infrastructure affects digital growth, consumer demographics, government policies and innovation and whether companies find a country conducive to do business in.
MasterCard and The Fletcher School said in a statement: "Singapore is most ready to meet the challenges and opportunities of the digital future, by having infrastructure and policies successfully in place."
However, maintaining such a high-level of digital readiness will not easy.
"The challenge....is to continue to fast-track innovation to maintain high levels of digital transactions for sophisticated domestic consumers," said the firm and the school.
The study also revealed that China, Malaysia and Thailand are the fastest moving digital economies due to rapidly increasing Internet and smartphone usership.